Quest Investment Management LLC Sells 7,064 Shares of Illumina, Inc. (NASDAQ:ILMN)

Quest Investment Management LLC lessened its stake in Illumina, Inc. (NASDAQ:ILMN) by 52.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,422 shares of the life sciences company’s stock after selling 7,064 shares during the quarter. Quest Investment Management LLC’s holdings in Illumina were worth $670,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ILMN. Envestnet Portfolio Solutions Inc. lifted its position in shares of Illumina by 426.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,460 shares of the life sciences company’s stock worth $2,123,000 after buying an additional 12,521 shares in the last quarter. Findlay Park Partners LLP purchased a new position in shares of Illumina in the 1st quarter worth $100,120,000. Jupiter Asset Management Ltd. bought a new stake in shares of Illumina in the 1st quarter worth about $4,527,000. US Bancorp DE raised its position in shares of Illumina by 33.9% during the 1st quarter. US Bancorp DE now owns 31,600 shares of the life sciences company’s stock valued at $4,339,000 after buying an additional 8,001 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Illumina by 41.4% in the 1st quarter. BNP Paribas Financial Markets now owns 390,035 shares of the life sciences company’s stock valued at $53,560,000 after acquiring an additional 114,263 shares during the last quarter. Institutional investors own 89.42% of the company’s stock.

Illumina Price Performance

Shares of ILMN stock opened at $131.20 on Friday. The stock’s 50-day moving average is $125.25 and its 200 day moving average is $120.57. Illumina, Inc. has a 1-year low of $89.00 and a 1-year high of $148.19. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.11 and a quick ratio of 0.86. The company has a market cap of $20.90 billion, a P/E ratio of -16.10 and a beta of 1.15.

Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Tuesday, August 6th. The life sciences company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.24. Illumina had a negative net margin of 68.73% and a positive return on equity of 3.08%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the business earned $0.32 EPS. The company’s revenue was down 5.4% compared to the same quarter last year. Research analysts predict that Illumina, Inc. will post 3.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. UBS Group upped their price objective on Illumina from $131.00 to $133.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Royal Bank of Canada restated an “outperform” rating and set a $242.00 price target on shares of Illumina in a report on Wednesday, August 14th. Jefferies Financial Group initiated coverage on shares of Illumina in a research note on Monday, June 3rd. They set a “hold” rating and a $115.00 price objective for the company. TD Cowen raised shares of Illumina from a “hold” rating to a “buy” rating and increased their target price for the company from $126.00 to $144.00 in a research note on Wednesday, August 14th. Finally, Daiwa Capital Markets upgraded shares of Illumina from a “neutral” rating to a “buy” rating and raised their target price for the stock from $120.00 to $154.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Illumina currently has an average rating of “Moderate Buy” and an average price target of $151.05.

About Illumina

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.